28/02/2024
Be *EDUCATED* OF BASIC TAX LAWS
If your sales are averaging USD$2500 OR MORE MONTHLY.
1. YOU MUST HAVE AN ACCOUNTING SYSTEM.
2. All your sales must be send digitally to ZIMRA
3. Keep record of all your expenses both Purchases (Goods Bought for resale) and other operational expenses. *NB DO NOT ACCEPT ANY INVOICE WITHOUT A QR CODE*
BECAUSE ALL EXPENSES YOU HAVE MADE REDUCES YOUR VAT TAX PAYABLE
Install this
https://play.google.com/store/apps/details?id=com.gamma.scan
QR CODE SCANNER TO VERIFY IF YOUR INVOICE IS VALID
Example...
If you purchase something for a USD$1.00
Chances are that thing had VAT 15% WHICH IS USD$0.13
When selling that thing obviously one puts mark up, say you sale it at USD$1.15, The government requires you to put 15% too thus it will be USD$1.33.
When you are doing your rough work to find out how much will be ZIMRA collecting from you as VAT :
It will be what you charged your customer as VAT (USD$1.33-USD1.15=0.17)
SUBTRACT WHAT YOU PAID THE SUPPLIER (USD$0.13), So
(USD$0.17-USD$0.13=*USD$0.04*) IS THE TAX PAYABLE AS VAT
*+263778287836 SLYRETAIL POS*
The fastest QR code reader and Barcode scanner.
